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Sterlite Technologies Ltd, a Pune-based optical fibre manufacturer, has entered into an agreement to acquire Elitecore Technologies Pvt Ltd, a telecom software product company, for an enterprise value of around Rs 180 crore ($27.4 million), according to a stock market disclosure.

This acquisition opens up access to a multi-billion dollar market which, when combined with the existing market for optical products globally, enhances the growth opportunity for the company, Sterlite Technologies said.

“The transaction follows our strategy to undertake attractive M&A opportunities in the telecom value chain. The acquisition is a lever for Sterlite to create new inflections in the telecom arena that are in line with its long-term goals of being an integrated telecom solution provider,” said Pravin Agarwal, vice-chairman, Sterlite Technologies.

Established in 1999, Elitecore provides operation support services and has operations in Southeast Asia, Middle East and Africa and lately Eastern Europe and Latin America.

Carlyle had picked majority stake in Elitecore for Rs 42 crore in 2007, according to VCCEdge, the data platform of VCCircle. This deal would provide it a profitable exit.

This is its second exit from an Indian portfolio firm this year. It exited its nine-year-old investment in pharmaceutical firm Claris Lifesciences Ltd by selling its entire 11.29 per cent stake for Rs 170 crore ($27 million) in April.

“With its product-led innovation, cost leadership, geographic reach and proven delivery capability, Sterlite has built a solid reputation with leading global telecom companies in some of the world’s most challenging business environments. Elitecore’s growth will benefit from Sterlite’s market access, geographic reach, delivery capability and financial strength,” said Nikhil Jain, MD and CEO of Elitecore Technologies.

Sterlite Technologies, formerly known as Sterlite Optical Technologies Ltd, is into transmission solutions to the power and telecom industries. It has telecom cable and power transmission conductor plants in Silvassa, Haridwar and Pune and an optical fibre manufacturing plant in Aurangabad.

In September last year, the company formed a JV with Japan’s Viscas for extra-high voltage cables.

Shares of Sterlite Technologies were trading at Rs 82.85 each, up 2.79 per cent on BSE in a strong Mumbai market on Wednesday at 2.22 PM.